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Commodity Capsule: Oil prices rose on Friday, on track to end higher this week after two straight weeks of losses.

Brent crude futures gained past $89 a barrel. US WTI crude futures rose to $84 a barrel.

For the week, Brent has gained 2.3 per cent so far, while WTI is up 0.8 per cent.

Treasury Secretary Janet Yellen told Reuters on Thursday that U.S. GDP growth for the first quarter could be revised higher, and inflation will ease after a clutch of "peculiar" factors held the economy to its weakest showing in nearly two years.

US economic growth was likely stronger than suggested by weaker-than-expected quarterly data, she said.

Data showed that economic growth slowed in the first quarter, and prior to Yellen's comments, tremors from an acceleration in inflation had weighed on oil prices as investors calculated that the Federal Reserve would not cut interest rates before September.

Elsewhere, supply concerns as geopolitical tensions continue in the Middle East also buoyed prices early in the session.

Israel stepped up airstrikes on Rafah after saying it would evacuate civilians from the southern Gazan city and launch an all-out assault despite allies' warnings this could cause mass casualties.

According to Citi, the global oil market has seen significant stock builds, averaging nearly 1 million barrels per day during the first quarter of 2024, a trend that has continued into April 2024.

Gold was little changed on Friday ahead of the US inflation report, but prices were on track for 1st weekly drop in six weeks on easing concerns of a major escalation of the Middle East crisis.

US gold futures rose to $2,350.

For the week, prices were down 2.3 per cent, set for their biggest weekly drop since early December, after a major escalation in the Middle East crisis was avoided.&nbsp;

Prices were down nearly $100 from an all-time high of $2,449 scaled on April 12.

US economic growth slowed more than predicted in the first quarter

The increase in inflation underlined recent remarks from Federal Reserve members implying the central bank was in no urgency to cut interest rates.

Focus now turns to March's core Personal Consumption Expenditures index data due later on Friday for further clues on the US rate outlook.

Iron ore futures prices ticked down on Friday, pressured by higher portside inventories in China, although a pick-up in demand capped losses.

Prices of the key steelmaking ingredient, however, are heading for a third weekly gain on the back of improved demand and stimulus hopes.

DCE September iron ore contract dropped to 878 Yuan/metric ton but posted over a one per cent rise week-on-week.

SGX May iron ore hovered $117 a ton level. It notched a 1.1% rise so far this week.

LME copper crossed the key of $10,000, and heading for a fifth weekly gain. The red metal is hovering two year high.

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Commodity Capsule:&nbsp;Treasury Secretary Janet Yellen told Reuters on Thursday that U.S. GDP growth for the first quarter could be revised higher, and inflation will ease after a clutch of "peculiar" factors held the economy to its weakest showing in nearly two years.


Commodity Capsule: Brent crude oil rises; gold prices subdued

Commodity Capsule: Copper prices cool off 2-year highs, hovering under $9,800 a ton.

Copper prices fell further from recent two-year highs as weak economic readings and fears of high-interest rates somewhat offset optimism over tighter markets.

Earlier this week, LME copper hit two-year highs, after stricter western sanctions on Russian metal exports pointed to tighter markets.

But this optimism was dulled by top copper producer Chile signaling that state-owned copper miner Coldeco will increase output in 2024.

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Concerns over steady demand weighed after US PMI data read weaker than expected for April, with the manufacturing sector back in contraction territory.

Yangshan premium has dropped to zero for the first time on record, indicating a weak appetite to import copper into China, following a surge in prices.

Meanwhile, the red metal has downside support from relentless fund buying.

A slightly weaker dollar index helped make greenback-priced metals cheaper to holders of other currencies.

Goldman Sachs forecast global refined copper market is likely to see a deficit of 428,000 tons in 2024. GS expects copper prices to hit $12,000/T within the next 12 months.

GS Sees $2700/t 12m Price Targets And $2850/t 2025 Price Average For Aluminium.

Oil prices were range-bound on Thursday as falling fuel demand in the US amid signs of a slowing economy contended with concerns for widening conflict in the Middle East producing region.

Brent crude futures hold around $88 a barrel, after falling 0.5 per cent in the previous session.

WTI crude futures for June dipped under $83 a barrel, following a 0.6 per cent drop on Wednesday.

US Energy Information Administration on Wednesday showed gasoline demand in the week to April 19 dropped 2.8 per cent week-on-week and is down 11 per cent year-on-year.

Distillate fuel demand also declined from a week ago and is down 4.7 per cent from a year ago.

The falling fuel demand is occurring amid signs of cooling US business activity in April and as stronger-than-expected inflation and employment data means the Federal Reserve is more likely to delay expected interest rate cuts, weighing on economic sentiment.

Crude stocks slumped by 6.4 million barrels to 453.6 million barrels-- EIA.

Gold prices fell on Thursday as waning safe haven demand and the prospect of higher-for-longer US interest rates battered the yellow metal.

Bullion prices were nursing a sharp drop from record highs over the past week, as potential conflict between Iran and Israel did not escalate as markets were fearing.

Waning safe haven demand left gold vulnerable to headwinds from U.S. rates, given that higher-for-longer rates push up the opportunity cost of investing in bullion.

Gold futures expiring in June fell to $2,320/ounce.

Strength in the dollar pressured metal prices.

Gold’s next leg of movement is expected to be driven largely by more upcoming cues on the US economy and interest rates.

First-quarter US GDP data due later on Thursday is expected to show whether the economy remained resilient at the beginning of 2024.

PCE price index data is likely to have a bigger impact on gold, given that it ties directly into the central bank’s outlook on interest rates.

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Commodity Capsule:Earlier this week, LME copper hit two-year highs, after stricter western sanctions on Russian metal exports pointed to tighter markets.


Commodity Capsule: Brent crude oil range bound; gold prices fall | Watch video 

Commodity Capsule: Oil prices were slightly higher on Wednesday after industry data showed a surprise drop in US crude stocks last week.

Markets continue to keep a close eye on hostilities in the Middle East.

Brent crude futures gained held past $88 a barrel and US WTI crude futures held near $83.50 a barrel.

US crude inventories fell 3.237 million barrels in the week ended April 19-- American Petroleum Institute.

Traders will be watching for official US data on oil and product stockpiles due on Wednesday.

US business activity cooled in April to a four-month low, with S&amp;P Global saying on Tuesday that its flash Composite PMI Output Index fell to 50.9 this month from 52.1 in March.

<h2>Gold prices kept to a tight range on Wednesday as further losses in the yellow metal were limited by a weaker dollar.</h2>

Anticipation of more cues on interest rates kept traders wary of the yellow metal.

Bullion prices were nursing a sharp drop from recent record highs amid easing tensions over a war between Iran and Israel.

US gold futures expiring in June steadied at $2,340/ounce. Yellow metals were trading about $100 away from a record high hit earlier in April.

Dollar fell under the 106 level, after softer-than-expected purchasing managers index data for April.

Weakness in the greenback helped stem a recent drop in gold.

The lack of escalation in the Middle East has now left bullion vulnerable to fears of higher-for-longer rates.

London copper traded within a tight range on Wednesday, as a recent rally in prices dampened consumption in China.

Supply disruptions primarily caused by Cobre Panama mine closure continued to lend some support.

Copper on the London Metal Exchange surged past $9,800 per metric ton, after a two-day decline.

Cobre Panama was forced to shut in December, reversing global supply of copper concentrate to a supply deficit this year.

Copper prices have rallied so far this year with support from mine closures and upbeat Chinese demand outlook.

Fabricators of copper tubes and wires in China are struggling to pass on higher costs to their customers--ANZ said.

Yangshan copper premium plunged to near zero on Tuesday and the lowest, according to data by Shanghai Metals Market that tracks records back to 2013.

London Metal Exchange moved on Tuesday to stop traders from taking Russian aluminium from its approved warehouses and returning it at a later date to profit from rule changes to comply with new sanctions.'

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Commodity Capsule:&nbsp;US crude inventories fell 3.237 million barrels in the week ended April 19-- American Petroleum Institute.


Commodity Capsule: Brent crude oil inch higher; gold prices in tight range 

Commodity Capsule: Gold prices extended losses on Tuesday, and hovered near a three-week low, as worries over a wider Middle East conflict subsided, boosting investors' risk appetite and lowering bullion's safe-haven demand.

US gold futures were shed over $20 to $2,320 per ounce.

Tehran downplayed Israel's retaliatory drone strike against Iran, in what appeared to be a move aimed at averting regional escalation.

Policymakers including US Federal Reserve Chair Jerome Powell last week backed away from providing any guidance on when interest rates might be cut, saying instead that monetary policy needs to be restrictive for longer.

Markets are awaiting the release of the March personal consumption expenditure data - the Fed's preferred inflation gauge - to further ascertain the trajectory of monetary policy.

European Central Bank officials are sticking to plans to cut interest rates multiple times this year, even as higher US inflation delays a pivot to looser policy by the Fed.

Prices of nonferrous metals fell on Tuesday as traders and investors in Asia exercised caution following sessions of strong price rallies, partly driven by speculative trading.

Copper on the London Metal Exchange fell over $100 to below $9,750/metric ton. June copper contract on the Shanghai Futures Exchange fell two per cent to 78,540 yuan a ton.

LME copper is still up 14 per cent so far this month. It inched close to the resistance level of $10,000 in the previous session.

SHFE copper has been breaking fresh record highs almost every session in April.

Speculative trading, hedges against sticky inflation, supply disruptions in some metals, and some positive macroeconomic data have fuelled the rally in metal prices.

LME cash aluminium was traded at a premium of $27.09 a ton over the three-month contract, the highest premium since June last year, indicating tightness of near-term supply.

LME cancelled warrants of aluminium have surged to 348,000 tons, the highest since February 2022.

Cancelled warrants of lead leaped to 129,650 tons, the highest since June 2013.

Oil prices edged higher on Tuesday, after falling in the previous session, as investors continued to assess risk from geopolitical concerns in the Middle East.

Global benchmark Brent crude oil futures traded over $87/barrel. US WTI crude futures gained past $82 a barrel.

Both benchmarks fell in the previous session on signs that the recent escalation of tensions between Israel and Iran had little near-term impact on oil supplies from the region.

ANZ highlighted&nbsp;US approval of new sanctions on Iran's oil sector that broaden current sanctions to include foreign ports, vessels, and refineries that knowingly process or ship Iranian crude.

Investors are waiting for the release of US GDP figures and March personal consumption expenditure data.

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Commodity Capsule:&nbsp;Tehran downplayed Israel's retaliatory drone strike against Iran, in what appeared to be a move aimed at averting regional escalation.


Commodity Capsule: Brent crude oil edge higher; gold extends losses 

Commodity Capsule: Most nonferrous metals prices gained on Friday, with the London aluminium contract set for a sixth straight weekly gain on supply concerns amid sanctions on Russian metals.

Copper on the London Metal Exchange hit a two-year high earlier in the session at $9,843.

Copper on the Shanghai Futures Exchange advanced to an all-time high of 79,840 yuan earlier in the session.

LME aluminium increased to $2,652 a ton, hovering two-year high

LME on Saturday banned from its system Russian metal produced on or after April 13 to comply with new U.S. and UK sanctions imposed for Russia's invasion of Ukraine.

On a weekly basis, LME aluminium was up 6 per cent, on track for the sixth straight week of gain. LME copper was up 3 per cent.

CITI RESEARCH expects copper's price rally to continue over the coming Three Months, With Prices Likely To Get Up To $10,500/t.

Gold prices rose on Friday, on track for fourth weekly gain, with investors gravitating towards safe-haven assets as political uncertainty in the Middle East overshadowed pressures from the prospect of higher-for-longer US interest rates.

US gold futures edged past $2,400 per ounce. Bullion rose two per cent so far this week.

The US announced new sanctions on Iran, targeting its unmanned aerial vehicle production after it attacked Israel.

Federal Reserve policymakers have rallied around the idea of holding borrowing costs where they are until probably far into the year, given slow and lumpy progress on inflation and a still-strong US economy.

The number of Americans filing new claims for unemployment benefits was unchanged at low levels last week, pointing to continued labor market strength.

Atlanta Federal Reserve Bank President Raphael Bostic said that if inflation progress stalls, central bankers would need to consider an interest rate hike.

Oil prices jumped nearly $3 a barrel on Friday in reaction to reports that Israeli missiles had struck a site in Iran, sparking concerns that Middle East oil supply could be disrupted.

Benchmark contracts surged more than $3 then eased slightly. Brent futures are holding past $89/barrel. WTI climbed past $84.66 per barrel.

News agencies said explosions were heard at an airport in the Iranian city of Isafahan but the cause was not immediately known.&nbsp;

Several flights were diverted over Iranian airspace, CNN reported.

Last weekend Iran launched hundreds of drones and missiles in a retaliatory strike after a suspected Israeli strike on its embassy compound in Syria.&nbsp;

Most of the drones and missiles were downed before reaching Israeli territory, with minimal damage and casualties.

Geopolitical risk premium in oil prices had been unwinding this week on the perception that any Israeli retaliation to Iran's attack would be moderated by international pressure.

US announced sanctions on VenezuelaIran, another OPEC member, targeting its unmanned aerial vehicle after the country's drone strike on Israel last weekend.

Goldman Sachs on Thursday revised its Brent crude oil price forecasts, projecting $86 for the second half of 2024, up from $85 previously, and $82 for 2025, up from $80.

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Commodity Capsule:&nbsp;Copper on the Shanghai Futures Exchange advanced to an all-time high of 79,840 yuan earlier in the session.


Commodity Capsule: Brent crude edge higher; gold rises 

Commodity Capsule: Gold prices recovered from overnight losses on Thursday, and remained below recent peaks as fears of higher-for-longer interest rates and pressure from a strong dollar remained in play.

The yellow metal had surged to record highs last week as safe-haven demand ramped up after Iran launched a strike against Israel.

But fears of a greater conflict cooled this week as Israel did not retaliate immediately over the strike.

Pressure from the dollar eased slightly this week as the greenback retreated from over five-month highs on Wednesday.

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The prospect of higher-for-longer interest rates saw gold take little advantage of this weakness.

<h2>Gold saw a heavy degree of profit-taking this week after hitting record highs.</h2>

Further gains in gold remain in doubt in the face of higher-for-longer US interest rates.

Strong inflation data and hawkish signals from the Federal Reserve saw traders largely price out expectations for a June rate cut by the central bank.

Copper, aluminum advance on dollar weakness, China imports.

Industrial metal prices rose back to recent peaks on Thursday

China's imports of unwrought aluminium and products jumped 90% at 380,000 MT in March.

China's unwrought copper imports climbed 16 per cent year-on-year (YoY) in March.

Metals are benefitted from the softer dollar and bets that US economic resilience will help underpin metal demand.

<h2>Copper futures on the London Metal Exchange edged towards $9,600 a ton- close to a two-year high.</h2>

Aluminum futures rose to 15 month high, Zinc is hovering one year high

Industrial metal prices surged in recent weeks on expectations of tighter supplies, after the US and its allies imposed stricter sanctions on Russian metal exports.

Copper prices were boosted by several major Chinese smelters signaling they would reduce production.

<h2>Oil prices edge higher after a three per cent drop in the previous session.</h2>

The market remains concerned about demand this year and on signs that wider conflict in the Middle East-producing region could be avoided.

Brent futures were holding near $87.50/barrel, while WTI crude futures traded close to $83 a barrel.

Crude oil slipped on signs that fuel demand this year is lower than expected amid flagging economic growth in China and as oil inventories in the US rose.

Oil inventories rose by 2.7 million barrels to 460 million barrels in the week ending April 12, the Energy Information Administration said.

JP Morgan highlighted on Tuesday that worldwide oil consumption so far in April has been 200,000 barrels/day below its forecast, averaging 101 million bpd.

Investors are discounting the chance that Israel will strongly retaliate against Iran's missile and drone attack on April 13.&nbsp;

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Commodity Capsule:&nbsp;The yellow metal had surged to record highs last week as safe-haven demand ramped up after Iran launched a strike against Israel.


Commodity Capsule: Brent crude edge higher; gold recovers; copper advances | Watch video 

Commodity Capsule: Gold prices rose on Monday and were in sight of record highs.

Safe haven demand for the yellow metal was boosted by Iran’s attack on Israel, although strength in the dollar limited major gains.

Markets were waiting to see just how Israel would respond to Iran’s strike, given that the attack caused limited damage, and that Tehran said the move concluded its offensive against Israel.

June gold futures steadied at $2,373/ounce after hitting a record high of $2,449 an ounce, in the previous session.

The biggest point of support for gold prices was tensions brewing between Iran and Israel over the weekend, in supposed retaliation for an attack on an Iranian embassy in Syria.

The US appeared to be making attempts to de-escalate the situation, stating that it would not engage in any retaliatory action against Iran.

This notion, coupled with recent strength in the dollar, put a cap on greater gains in gold.

Yellow metal’s outlook was also muddied by the prospect of higher-for-longer US interest rates, following hotter-than-expected inflation readings last week.

<h2>Copper prices mixed after weak China data, aluminium rallies.</h2>

Copper prices were a mixed bag on Monday amid pressure from a stronger dollar and weak economic signals from China.

LME copper rose to $9,458/ton, hovering close to two-year highs, on expectations of tighter supplies as major Chinese refiners signaled supply cuts.

Russian copper exports were slapped with new sanctions by the US and the UK.

Gains were capped due to dulled optimism by weak inflation and trade readings from China last week.

Meanwhile, aluminum prices rallied on Monday on the prospect of tighter supplies, as the US and UK placed new sanctions on Russia over its invasion of Ukraine.

Aluminum futures on the London Metal Exchange surged past $2,600/ton, hovering at the highest level since February 2023.

<h2>Oil prices fell during trade on Monday.</h2>

Market participants dialed back risk premiums following Iran's attack on Israel late on Saturday which the Israeli government said caused limited damage.

Brent futures June delivery edged lower to stay close to $90 a barrel mark. WTI May delivery hovered close to $85/barrel.

Experts note that Iran currently produces over 3 million BPD of crude oil as a major producer within OPEC, and supply risk includes more strictly enforced oil sanctions.

Also, they expect Israel's response to include targeting Iran's energy infrastructure.

Citi Research said prolonged tensions through the second quarter this year have largely priced oil at $85-90 per barrel.

Any de-escalation could see prices falling back quite sharply to the high $70s or low $80s per barrel range.

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Commodity Capsule:&nbsp;Markets were waiting to see just how Israel would respond to Iran’s strike, given that the attack caused limited damage, and that Tehran said the move concluded its offensive against Israel.


Commodity Capsule: Brent crude slips; gold rises; copper mixed

Commodity Capsule: Oil prices rose on Friday amid heightened tensions in the Middle East.

Uncertainty over the Israel-Gaza war has raised the risk of supply disruptions from the oil-producing region.

Although expectations of fewer US interest rate cuts this year kept a lid on rising crude prices.

Brent crude futures climbed past $90 a barrel. US WTI crude futures rose over $85.50. For the week, Brent crude is down nearly 1 per cent so far.

Crude oil benchmarks dipped into red, in the previous session, due to worries about stubborn US inflation that dampened hopes for interest rate cuts as early as June.

Israel has not said it was responsible but Iran's supreme leader, Ayatollah Ali Khamenei, said on Wednesday Israel "must be punished and it shall be" for the attack.

US expects an attack by Iran against Israel but one that would not be big enough to draw Washington into war, according to US officials.

Israel is keeping up its war in Gaza but is preparing for scenarios in other areas, Prime Minister Benjamin Netanyahu said on Thursday.

ING maintains their forecast for Brent to average $87 a barrel over the second quarter of this year.

Gold prices scaled to a record high on Friday as geopolitical tensions continued to boost demand for the safe-haven metal, while strong economic data failed to dampen bullion's allure.

Bullion hit a record high past $2,400 an ounce on Friday. US gold futures gained over $100 in 1 week and $250 over the span of four weeks.

The ranks of Federal Reserve officials saying there is no rush to cut interest rates continue to grow, with still-too-hot-for-comfort U.S. inflation a rising concern.

Expectations for how much policy easing the Federal Reserve can deliver are falling rapidly as one strong economic report after another suggests inflation could come creeping back if US central bank lowers borrowing costs prematurely.

European Central Bank held interest rates at a record high but signalled it could start cutting as soon as June.

Shanghai Gold Exchange will raise margin requirements for some gold futures contracts to nine per cent from eight per cent, the bourse said on Friday. The change will apply from settlement on April 15.

<h2>London copper prices were back on an uptrend on Friday holding around two years high, supported by firm market fundamentals.</h2>

Protest at Peru's Las Bambas copper mine blocking trucks is aiding price rise.

Copper on the London Metal Exchange moved higher past $9,400 per metric ton, reversing losses in the previous session.

The contract declined in the last two trading sessions after US inflation data rose more than expected in March, pushing out the expected timing of a first-rate cut to September from June.

More global copper smelters were not operating in March than in the first two months, data from satellite surveillance of metal processing plants showed.

Surveillance reveals that an average of 17.7 per cent of global copper smelter capacity monitored was inactive in March compared with 11.5% during January and February combined.

Average inactive capacity in China rose to nine per cent in March from 8.3 per cent in the first two months, it added in a statement on Thursday.

China's top copper smelters proposed in late March to cut production by five per cent to 10 per cent after China battled a short supply of raw material and losses at some operations.

Robusta coffee rose to a 16-year peak past $3,850/T, while arabica coffee hit an 18-month high past 2.2 cents a pound.

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Commodity Capsule:&nbsp;Although expectations of fewer US interest rate cuts this year kept a lid on rising crude prices.


Commodity Capsule: Brent crude rise; gold and silver scale record highs

Commodity Capsule: Oil prices were little changed on Wednesday after two straight days of losses.

Deadlock in Gaza ceasefire talks renewed uncertainty about security of supplies from the Middle East.

Brent crude futures were up marginally at $89.49/barrel. US WTI crude futures rose past $85 a barrel.

Prices for both benchmarks remain down around 1.8 per cent at the end of last week despite geopolitical tensions in the Middle East triggered by the prospect of Israel's war in Gaza lasting longer, and drawing in more countries.

Hamas said on Tuesday that an Israeli proposal on a ceasefire in their war in Gaza did not meet the demands of Palestinian militant factions, but it would study the offer further and deliver its response to mediators.

Meanwhile, US crude stocks climbed last week by 3.03 million barrels-- American Petroleum Institute figures. Analysts had estimated that stocks would rise by about 2.4 million barrels.

EIA said it expects Brent crude prices to average $88.55 a barrel in 2024, up from a previous forecast of $87 a barrel.

UBS Raises Oil Forecasts Higher By $5/bbl Across All Tenors, As It Increases 2024 Oil Demand Growth Estimates And Reduces OPEC+ Crude Production Projection For 2Q'24.

<h2>Gold prices hovered just below record highs on Wednesday.</h2>

Safe haven demand for the yellow metal was boosted in anticipation of key US inflation data and more cues on interest rates.

US gold futures edged 0.6 per cent higher to $2,375 per ounce, after having hit a record high of $2384 an ounce in the previous session.

US CPI data and minutes of the Fed's March policy meeting are due later in the day.

People’s Bank of China bought gold for a 17th straight month, with its pace of purchases showing few signs of stopping.

Previously Atlanta Fed President Raphael Bostic said, the US Federal Reserve may not cut interest rates at all this year if progress on inflation stalls and the economy continues to outperform.

Bond strategists upgraded their US Treasury yield forecasts for coming months as sticky inflation and resilient economic activity have pushed financial markets to temper expectations for Federal Reserve rate cuts this year.

Bank of America expects gold prices to average $2,500 an ounce by the fourth quarter of this year.

Copper sits at two two-year peak, more China cues awaited

Copper futures on the London Metal Exchange rose past $9,450 a ton

Red metal shines as markets bet on an improved outlook for copper demand amid growing conviction that a decline in global manufacturing had bottomed out.

Chinese copper supply is expected to tighten as several top refiners flagged production cuts in the coming months.

More economic cues from China are also due later this week. Inflation and trade data are due on Thursday and Friday, respectively.

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Commodity Capsule:&nbsp;Brent crude futures were up marginally at $89.49/barrel. US WTI crude futures rose past $85 a barrel.


Commodity Capsule: Brent crude subdued; gold near record high, copper at 2-month peak

Commodity Capsule: Oil prices rose on Tuesday after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tension in the Middle East.

Brent crude futures rose past $90 a barrel. US WTI crude edged past $86 a barrel.

A fresh round of Israel-Hamas ceasefire discussions in Cairo had ended a multi-session rally on Monday, leading Brent to its first decline in five sessions and WTI to its first in seven on the prospect that geopolitical risks could ease.

Hamas said early on Tuesday that Israel's proposal it received from Qatari and Egyptian mediators did not meet any of the demands of Palestinian factions.&nbsp;

Hamas said it would study the proposal before responding to the mediators.

This week, the market will be watching inflation data from the US and China for further signals on the economic direction.

Gold prices rose on Tuesday, hovering near a record peak hit in the previous session, supported by firm central bank buying, while investors watched out for the US Federal Reserve's policy meeting minutes and inflation data for fresh signals.

US gold futures hold gains past the $2,360 mark. Touched an all-time high level of $2,372 in the previous trading session.

MCX gold touched an all-time high at Rs 71,150.

The minutes of the Fed's March policy meeting and the US CPI data are due on Wednesday.

Silver hit its highest since June 2021 past $28, while domestic futures are hovering near their latest record high of 82, 109 touched on Monday.

India's silver imports surged 260 per cent in February to a record high, as lower duties encouraged large purchases from the United Arab Emirates.

Shanghai copper hit a record high on Tuesday, while prices in London hovered near their highest in 14 months, backed by positive factory data, and hopes of rate cuts and lower output.

Copper on the London Metal Exchange hovers close to $9,400 per metric ton, while the May copper contract on the Shanghai Futures Exchange climbed one per cent to 76,050 yuan/ton.

Earlier in the session, SHFE copper hit as much as 76,700 yuan, the highest on record, tracking overnight gains in London where the copper contract climbed to the highest in 14 months in the previous session.

Funds have increased their appetite for metals, buoyed by better-than-expected manufacturing data in major economies including top consumer China as well as hope for rate cuts in the United States and Europe.

Copper is supported by the prospect of output cuts in China, where smelters struggled with a tightness of raw material supply.

Yangshan copper premium was last seen at $42.50 a ton, hovering around the lowest since August last year, indicating weaker demand to import copper into China.

LME cash copper contract on Monday was traded at a $129.99 a ton discount to the three-month contract, the biggest discount since at least 1982.

LME aluminum, and zinc slips on profit booking, although close to their recent 14-month and 12-month high respectively.

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Commodity Capsule:&nbsp;A fresh round of Israel-Hamas ceasefire discussions in Cairo had ended a multi-session rally on Monday, leading Brent to its first decline in five sessions and WTI to its first in seven on the prospect that geopolitical risks could ease.


Commodity Capsule: Brent crude extends rises; gold gains, silver hits its highest since June 2021

Commodity Capsule: Oil prices extended gains on Friday and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over tightening supply, and optimism about global fuel demand growth as economies improve.

Brent crude climbed past $91 a barrel. US WTI crude was past $86.50 a barrel.

Both benchmarks settled at their highest since October on Thursday.

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ANZ raised its 3-month price target for Brent to $95 a barrel.

Brent and WTI are set to notch over 4 per cent gain this week, climbing for second straight week, after Iran vowed revenge against Israel for an attack that killed high-ranking Iranian military personnel.

Ongoing Ukrainian drone attacks on refineries in Russia may have disrupted over 15 per cent of Russian capacity, a NATO official said on Thursday, hitting the country's fuel output.

OPEC+ this week kept their oil supply policy unchanged and pressed some countries to increase compliance with output cuts.

Investors are awaiting the US March employment report later on Friday for further clues on the health of the US economy and the direction of its monetary policy.

Gold prices fell on Friday, retreating from recent record peaks in anticipation of US labor data that is likely to factor into the outlook for interest rates.

The yellow metal is headed for its second consecutive weekly rise, up 2.7 per cent so far this week.

Key technical indicators showed that buying momentum was running dry after a strong run-up through March and early April.

The yellow metal may benefit from increased safe-haven demand, especially with the prospect of worsening geopolitical conditions in the Middle East amid saber-rattling between Iran and Israel.

Gold futures expiring in June fell below $2,300 an ounce, after hitting a record high of $2,325.30 an ounce on Thursday.

Recovery in the dollar pressured gold, as the greenback rose tracking a slew of hawkish comments from Federal Reserve officials.

<h2>Copper prices cool after rallying to 15-mth peaks; more China cues awaited.</h2>

Copper prices saw some profit-taking on Friday after surging to 15-month highs earlier this week.

Although LME copper is headed second straight weekly gain, up 4.7 per cent so far this week.

Red metal was boosted by positive economic readings from China, as well as the prospect of tighter supplies in the coming months.

LME copper futures fell 1.3 per cent to $9,261 a ton. The red metal remained close to the 15-month peak hit on Thursday.

Markets were now awaiting inflation and trade data from China, due next week, for more economic cues.

LME Aluminium, Zinc slipped on profit booking, although hovering near 1 year and 3 months high respectively.

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Commodity Capsule:&nbsp;Brent crude climbed past $91 a barrel. US WTI crude was past $86.50 a barrel.


Commodity Capsule: Brent crude extend gains; gold slips, copper cools | Watch video 

Commodity Capsule: Gold surged to a record high on Thursday past $2320/oz.

Federal Reserve Chair Jerome Powell underlined that recent job gains and higher-than-expected inflation readings do not significantly alter the overall picture of the central bank's monetary strategy.

US gold futures hold past $2,300 per ounce, hovering near its new record high of $2,323.

MCX Gold futures, expiring on 5th April, marked a new record high at Rs 70,248.

Bullion has hit record highs consecutively since last Thursday.

Powell said that "if the economy evolves broadly as we expect," he and his Fed colleagues largely agree that a lower policy interest rate will be appropriate "at some point this year."

Traders are pricing in a 62 per cent probability that the Fed will begin cutting rates in June.

<h2>Copper prices rose to 14-month highs on Thursday, buoyed by increasing optimism over China.</h2>

Potential production cuts by China’s biggest refiners presented a tighter outlook for supplies.

Copper futures on London Metal Exchange rose past $9,350 a ton, the highest levels since January 2023.

Weakness in the dollar aided commodity prices, as the greenback tumbled from five-month highs hit earlier this week.

China PMIs show improving factory activity, support copper prices

Chinese copper inventories were seen increasing so far in 2024, higher demand could still push up the country’s appetite for copper imports.

Recent reports showed that China’s biggest copper smelters were considering output cuts between 5 per cent to 10 per cent of overall production.

MCX copper shot close to the Rs 800 mark, its highest level since April 2022.

MCX aluminum is hovering at January 2023 highs, while Zinc has managed to push up to a 10-week high tracking international benchmarks.

Oil prices rose to five-month highs on Thursday, extending a rash of recent gains as the prospect of worsening geopolitical conditions in the Middle East presented more potential supply disruptions.

OPEC+ voted to maintain its current band of production cuts during a Wednesday meeting, presenting a tight outlook for crude in the near term.

Brent oil futures expiring in June hurtled towards $90 a barrel. WTI crude futures inched closer to $86 a barrel.

Middle East tensions and Russian disruptions boost oil prices.

Iran threatened retaliation for a perceived Israeli strike on its embassy in Damascus- pointing to worsening conditions in the Middle East.

Attacks on key Russian refineries heralded more supply disruptions for Moscow. Several Russian oil and fuel refineries either cut production or were taken out of commission in the wake of Ukrainian drone strikes.

Improving the Chinese economy aids the demand outlook.

Chinese manufacturing activity rose back into expansionary territory, while service sector growth also improved.

Malaysian palm oil futures rose on Thursday for a fifth straight session, taking the vegetable oil prices to near 18 months high.

Robusta coffee futures on ICE surged to 16 years, as investors renewed their focus on tight supplies in Vietnam.

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Commodity Capsule:&nbsp;Federal Reserve Chair Jerome Powell underlined that recent job gains and higher-than-expected inflation readings do not significantly alter the overall picture of the central bank's monetary strategy.


Commodity Capsule: Gold surges; Brent crude rises to 5-month high; copper rises 

Commodity Capsule: Gold prices extended a record run on Wednesday

Concerns of rising inflation boosted demand for gold as a hedge, with bullion traders shrugging off doubts over an imminent US interest rate cut and rising Treasury yields.

Bullion has hit record highs consecutively since Thursday. US gold futures registered a new all-time high past $2,308/Oz.

Federal Reserve policymakers on Tuesday said they think it would be "reasonable" to cut US rates three times this year, despite recent strong economic data.

US manufacturing unexpectedly rebounded, with the rise in raw materials prices triggering fears that inflation could resurge.

Gold has gained more than 1 per cent so far this year and is set for 8th consecutive daily rise.

<h2>Oil prices extended gains on Wednesday</h2>

A larger-than-expected fall in US crude inventories and escalating geopolitical tensions raised investor worries about tighter supplies.

Brent futures for June delivery pushed past $89 per barrel, while US WTI crude futures for May climbed past $85/barrel.

Both Brent and WTI had climbed to its highest since October.

US crude oil inventories fell by 2.3 million barrels last week, higher than the 1.5 million barrel drop forecast in a Reuters poll.

US government data is due later on Wednesday.

On the geopolitical front, a Ukrainian drone struck one of Russia's biggest refineries in an attack Russia initially said it repelled.

Russia has been contending with Ukrainian attacks on oil refineries and has also attacked Ukrainian energy infrastructure.

Iran vowed revenge against Israel for airstrike at its embassy compound in Damascus, raising the risk of further escalation in the Middle East conflict.

Copper rose on Wednesday amid a bullish demand outlook raised by positive manufacturing data from major economies, while supply worries aided prices.

Copper on the London Metal Exchange was holding past $9,000/metric ton.

MCX copper has surged past Rs 770, hovering at April 2023 highs.

May copper on the Shanghai Futures Exchange climbed to 73,490 yuan/ton, up for a fifth session in a row.

China's manufacturing activity expanded for the first time in six months in March, an official survey showed last week.

Its manufacturing activity expanded at the fastest pace in 13 months, with business confidence hitting an 11-month high.

Supporting the market was shortages of copper concentrate that triggered Chinese smelters to plan output cuts.

SHFE will be closed on Thursday and Friday for the Qingming holiday.

LME Aluminium has surged to 1 year high, inches away from $2400.

Aluminium's gains were driven by concerns surrounding sluggish recovery in production in China's Yunnan province.

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Commodity Capsule:&nbsp;Gold has gained more than 1 per cent so far this year and is set for 8th consecutive daily rise.


Commodity Capsule: Gold extends record run; Brent crude oil gains; copper rises 

Commodity Capsule: Gold prices rose to a record high on Monday, as a softer US inflation report cemented bets that the Federal Reserve would deliver its first interest rate cut of the year in June.

Gold logged its biggest monthly rise in over three years in March after a blistering rally fuelled by rate-cut bets, strong safe-haven demand, and central bank buying.

US April gold futures zoomed $45 past record high levels of $2,260. Most active June futures have recorded all-time highs past $2286 an ounce.

US prices moderated in February, with the PCE price index rising 0.3 per cent, data showed on Friday.

Latest US inflation data is "along the lines of what we would like to see," Fed Chair Jerome Powell said, indicating that a June interest rate cut was on the table.

Traders are currently pricing in a 69 per cent probability that the Fed would begin cutting rates in June, up from 64 per cent before the data came in on Friday.

Indian gold futures hit an all-time high on Monday, tracking gains in overseas markets and squeezing demand in the world's second-biggest consumer of the precious metal.

Domestic gold futures rose to 69,487 Indian rupees per 10 grams, up nearly 10 per cent so far in 2024.

India's gold imports are set to plunge by more than 90% in March from the previous month to hit their lowest since the COVID pandemic

<h2>Copper prices kick started April higher on Monday, as positive industrial data posted by China bolstered the demand outlook.</h2>

May copper contract on the Shanghai Futures Exchange hovered past 72,800 yuan per ton, having notched 5.4 per cent in March, its biggest monthly gain in 16 months.

China's manufacturing activity expanded for the first time in six months in March, an official factory survey showed on Sunday.

This was also the highest PMI reading since March of last year when momentum from the lifting of tough COVID-19 restrictions began to stall.

Investors eyed the Federal Reserve to cut interest rates in June after data showed easing US prices.

<h2>Oil prices rose on Monday, adding to recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries, and upbeat Chinese manufacturing data.</h2>

Brent crude rose past $87 a barrel, after rising 2.4 per cent last week. US WTI crude registered a 3.2 per cent gain last week.

Both benchmarks finished higher for a third consecutive month in March, with Brent holding above $85 a barrel since the middle of last month, as OPEC+ pledged to extend production cuts to the end of June which could tighten crude supply during summer in the Northern Hemisphere.

Russian Deputy PM Alexander Novak said that its oil companies will focus on reducing output rather than exports in the second quarter in order to evenly spread production cuts with other OPEC+ member countries.

Drone attacks from Ukraine have knocked out several Russian refineries, which is expected to reduce Russia's fuel exports.

In Europe, oil demand was firmer than expected, rising 100,000 bpd on year in February, vs forecast of 200,000 bpd contraction in 2024--Goldman Sachs.

US Crude oil production dropped 6 per cent in January from December's record high, following freezing weather-- Energy Information Administration.

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Commodity Capsule:&nbsp;Gold logged its biggest monthly rise in over three years in March after a blistering rally fuelled by rate-cut bets, strong safe-haven demand, and central bank buying.


Commodity Capsule: Gold hits record high; brent crude oil rises 

Commodity Capsule: Brent crude oil edge higher; gold largely range bound

Commodity Capsule: Global oil prices edged up on Thursday, recovering from two consecutive sessions of decline.

Investors reassessed the latest US crude oil and gasoline inventories data and returned to buying mode.

Brent crude futures June contract edged towards $86. May contract expires on Thursday.

bUS WTI crude futures for May delivery edged close to $82 a barrel.

In the prior session, oil prices were under pressure after US crude oil and gasoline inventories rose unexpectedly last week.

Crude inventories rose by 3.2 million barrels to 448.2 million barrels in the week ended March 22-- EIA.

Recent disappointing inflation data affirms the case for US Federal Reserve to hold off on cutting its short-term interest rate target.

<h2>Most base metals prices increased on Thursday, boosted by signs of stabilisation after China's profits at industrial companies improved in the first two months.</h2>

Copper on the London Metal Exchange rose past $8,900 per metric ton

China's industrial firms posted higher profits in the opening months of the year, reinforcing signs that an economic recovery was gaining traction despite persistent sluggishness in the property sector.

Meanwhile, China's central bank set the yuan at a much stronger fixing than markets had expected, which could support the purchasing power of Chinese metals buyers.

Inventory build-up in most base metals in China has capped gains in metal prices.

China's top copper smelters decided not to set a guide price for treatment and refining charges for copper concentrate processing in the second quarter of 2024, on Thursday.

The decision not to issue guidance prices for the second quarter of the year follows supply shortages and a sharp drop of TCs in the spot market.

<h2>Gold prices are largely range-bound on Thursday</h2>

US dollar and bond yields ticked higher after comments from Federal Reserve official on interest rate cuts, while investors looked forward to more economic data for policy clues.

US gold futures hovering close to $2,200 per ounce.

Fed Governor Christopher Waller said on Wednesday recent disappointing inflation data affirms the case for the US central bank holding off on cutting its short-term interest rate target.

The dollar holds past the 104 mark near a five week high, while yields on 10-year Treasury notes also rose.

Investors now look forward to the US Core Personal Consumption Expenditure price index report due on Friday to gauge when the Fed may begin cutting interest rates.

Also on investor radar is the weekly US initial jobless claims report due later in the day.

Traders are pricing in a 62 per cent probability that the Fed will begin cutting rates in June, down from a 70 per cent chance seen on Wednesday.

<h2>ICE robusta coffee futures gained nearly three per cent on Wednesday to record high levels.</h2>

Buoyed by renewed focus on supply shortages in top producers.

May robusta coffee hit a peak of $3,599 for the highest level since the current form of the contracts started trading in 2008.

Dealers said farmers and local traders in Vietnam remain in no rush to sell, preferring to bet on even higher prices.

There is little availability of robusta coffee in Brazil until the next harvest starts in April.

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Commodity Capsule:&nbsp;Investors reassessed the latest US crude oil and gasoline inventories data and returned to buying mode.


Neha Anand